Six Ways to Build Your Retirement Savings
Follow this strategy to have enough for your golden years.
From Kiplinger's Personal Finance magazine, September 2008
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1. Contribute at least enough to your 401(k) plan to capture your employer's match, and bump up future contributions automatically.
2. If you are 50 or older, make additional "catch-up" contributions of up to $5,000 a year.
3. If you own a business, take advantage of tax breaks and shift the additional money to savings.
4. Don't raid your retirement accounts early. You'll lose the benefits of compounding.
5. Plan to work a few years longer to fatten your kitty and your Social Security check.
6. If you are already retired, reduce your annual withdrawals until the stock market bounces back.
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Reader Comments (2)
Posted by: middleclass at 08/12/2008 03:17:07 PM
...I feel like I read the same advice over and over. And I really can't stand all of the articles directed at people with credit card debt. Those people probably don't even read your website, which is why they are in the mess they are in...! What about the responsible, debt-free middle class person with moderate savings who is looking to save for the future? Any advice for us???
Posted by: J. Marzuillo at 10/11/2008 11:24:04 AM
...most Americans not only have credit card debt but owe at least $8,000. So why should the articles you read reflect on only those select few with no debt????????????